The Ghana Cedi has been ranked the world’s worst-performing currency according to a Bloomberg report.
A few months ago, the dollar gained much ground, becoming the world’s best currency per a report by Bloomberg.
However, it is reported that presently, the Cedi is now the world’s worst currency, as the report claims it has slipped by 13 percent.
The head of market risk management at UMB bank, Hamza Adam believes that the high dependence on imports by Ghanauans has badly affected the performance of the Cedi.
She said, “Banks that submitted dollar requests on behalf of clients to the Bank of Ghana last week received only half of what they asked for. This week the central bank is trying to meet all demand”.
In a statement released by the Bank of Ghana, it was stated that “The cedi should be stable within a reasonable range. Our role is to ensure fluctuations remain orderly, that they reflect fundamentals, and that they do not undermine confidence in the broader economy”.
